Metrobank goes into expansion - opens new domestic branches and ATM sites

Metropolitan Bank & Trust Company (Metrobank) revealed that it has further expanded its network of branches and automated teller machines (ATMs) as part of its strategy to grow retail customers and provide better service.

By the end of the year, Metrobank will have a total of 552 domestic branches while its ATM network will have grown to more than 800 ATMs. This is the most recent expansion program of the Bank within the last two years.

Fabian Dee, Metrobank executive vice president and National Branch Banking Sector head, said that the Bank remains optimistic about deposit growth even with the onset of the global economic slowdown. “Our branch network continues to demonstrate renewed energy and competitiveness, delivering exemplary performance in generating low-cost deposits, consumer loans, and cross-sales of Metrobank subsidiary products,” said Dee. 

The Bank has concluded the roll out of its sales effectiveness program that helped re-engineer all branches into sales-driven brick and mortar outlets. The Bank is also actively promoting its electronic banking services to retail customers who can easily adapt to self-service channels like ATMs, phone banking and internet banking.

The bank earlier reported that its net interest income was stable due to a combination of sustained volume growth and improved deposit mix. As of the quarter ended September 30, 2008, the bank’s funding was boosted by a 7.6 percent growth in deposits to P541.4 billion. Cost of deposits was almost flat despite rising interest rates, as low cost deposits grew by 10.9 percent accounting for 45.0 percent of the total deposit base.

The increase in ATM coverage, meanwhile, has led to a corresponding increase in usage. By end-September 2008, Metrobank registered 85.4 million ATM transactions, with over 30% from use of Metrobank ATMs by local and international non-Metrobank cardholders. The Bank boasts of its current record of above average 99% service availability, among the highest within the Bancnet consortium.

As of September 2008, Metrobank reported consolidated resources at P726.1 billion, while recording consolidated net income of P3.6 billion. The Bank’s extensive network includes 37 international branches and offices in 21 countries.